Chapter 2 Flashcards
(20 cards)
Business
The clear, broad, underlying industry or market sector of an organization’s offering
Business Portfolio Analysis
A technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBUs) as though they were a collection of separate investments
Core Values
The fundamental, passionate, and enduring principles of an organization that guides its conduct over time
Diversification Analysis
A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products
Goals (objectives)
Statements of an accomplishment of a task to be achieved, often by a specific time.
Market Segmentation
Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action
Market Share
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
Marketing Dashboard
The visual display of the essential information related to achieving a marketing objective
Marketing Metric
A measure of the quantitative value or trend of a marketing action or result
Marketing Plan
A road map for the marketing actions of an organization for a specified future time period, such as one year or five years
Marketing Strategy
The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it
Marketing Tactics
The detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies
Mission
A statement of the organization’s function in society that often identifies its customers, markets, products and technologies. Often used interchangeably with vision
Organizational Culture
The set of values, ideas, attitudes and norms of behavior that is learned and shared among the members of an organization
Points of difference
those characteristics of a product that make it superior to competitive substitutes
Profit
The money left after a for-profit organization subtracts its total expenses from its total revenue and is the reward for the risk it undertakes in marketing its offerings
Situational Analysis
Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it
Strategic Marketing Process
The approach whereby an organization allocates its marketing mix resources to reach its target markets
Strategy
An organization’s long term course of action designed to deliver a unique customer experience while achieving its goals
SWOT Analysis
An acronym describing an organization’s appraisal of its internal strengths and weaknesses and its external opportunities and threats
